EfTEN: Subsidiaries of EfTEN Real Estate Fund III AS acquired a registered immovable of Valkla Südamekodu and the right of superficies of Tartu Südamekodu

EfTEN Real Estate Fund OÜ completed the registered immovable acquisition from the AS, located at Valklaranna tee 36 in Valkla village, municipality, Harju County (registration part no. 14211002) where the elderly care home buildings in need of renovation is located. Earlier (i.e., 18.03.2022) the fund has announced the stock exchange of the conclusion of a contract of sale under the law of obligations. All the agreed preconditions for the transfer of ownership and the conclusion of a real right contract have been met, including the Competition Authority’s approval, and the conclusion of a long-term (10+10 years) lease agreement. Under the lease agreement, the buildings will remain in the use of Valkla Südamekodu OÜ, which is a subsidiary of AS. The tenant will start paying the rent from April 28, 2022. The fund in cooperation with Südamekodud AS plans to renovate the buildings, which in the future can accommodate up to 250 clients. Renovation work will be carried out in stages. The construction procurement is planned to be completed within the next three months.

Ermi OÜ completed the acquisition of the right of superficies from the AS, located at at Ermi tn 13, municipality, Tartu municipality (registry part no. 17851050). Earlier (also on 18.03.2022) the fund has announced the stock exchange of the conclusion of a contract of sale under the law of obligations. All the agreed preconditions for the transfer of ownership and the conclusion of a real right contract have been met, including the Competition Authority and Tartu municipality (as the owner of an immovable encumbered with the right of superficies) have given their approvals. Also, a long-term lease agreement (10 + 10 years) has been concluded, based on which the building to be built will be leased by the Tartu Südamekodu OÜ, which is a subsidiary of the AS. The tenant will start paying the rent when the construction of the elderly care home is completed. The fund in cooperation with Südamekodud AS plans to build an elderly care home for at least 120 clients. To date, no construction procurement has been conducted.

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